Real estate blockchain technology provider Propy launched title and escrow services on blockchain for residential transactions in Arizona, Colorado and Florida. Agents in those states can invite buyers and sellers onto the company’s platform for the entire process.
Propy adding title and escrow services to its offering is part of the company’s vision of a click-to-close reality for buyers and sellers, according to the company.
“We had already built the next-generation closing platform in which smart contracts play the role of the escrow, and title is recorded on the blockchain,” Propy founder and CEO Natalia Karayaneva said in a release. “Launching these services now brings us closer to our dream of closing more and more transactions in a secure blockchain environment.”
The company plans to make title and escrow services available in all states within 24 months.
In addition to title and escrow services, real estate agents use the platform to manage offers and transactions and enable their clients to be able to see in real time what is going on with their purchase or sale. The Propy platform has facilitated $4 billion worth of real estate transactions.
“One of the greatest challenges in the title and escrow industry is wire fraud. With blockchain technology and security, wire fraud is virtually impossible,” Propy Title CEO Anna Atencio said. “Imagine the benefit for all parties of a transaction having full transparency of what is being delivered at each step of the transaction, and to the deed being recorded both on the blockchain and with the local county.”
Another aspect to Propy’s technology is its ability to facilitate transactions using both traditional means like cash and mortgages and modern forms of payment and ownership like cryptocurrency and non-fungible tokens (NFTs).